She completed her secondary education at Swami Vivekanand School in Chembur. Her aunt, Grace Polycarp, was the principal of the school. She is also an alumnus of the Holy Cross High School Thane where she studied until ninth grade. She completed her college education from Jai Hind College, Churchgate. She lived in Borla Society, Chembur opposite Basant Talkies before starting her modelling career.[8]

Malaika was selected as one of the MTV VJs when MTV India started its operations becoming an interviewer and later co-anchoring with Cyrus Broacha the programs Love Line and Style Check.[9] Malaika then entered the modelling world, appearing in many advertisements, for album songs like "Gur Naal Ishq Mitha" and item numbers such as "Chaiyya Chaiyya" in the 1998 Bollywood film Dil Se...[9]

In the 2000s, apart from featuring in item numbers for various films, she made cameo appearances in a few films. In 2008, she appeared in her first major acting role in the film EMI which was a box-office failure.

In 2010, she featured in the item song "Munni Badnaam Hui" in the film Dabangg, which was produced by her husband Arbaaz Khan.[10] On 12 March 2011, she helped set a world record with 1235 participants performing a choreographed dance to "Munni Badnaam" which she led.[11]

Malaika appeared on the television show Nach Baliye as one of the three judges.[2] The show was aired on STAR One in mid-2005. She continued as a judge in Nach Baliye 2 which started airing in the last quarter of 2006. In this show, she performed many item numbers as an example for the contestants. She appeared on the show Zara Nachke Dikha as a judge on Star One.[4] She was a judge on the show Jhalak Dikhhla Jaa in 2010.[18]

Malaika is married to Bollywood actor-director-producer Arbaaz Khan whom she met during a coffee ad shoot. Together they have a son, Arhaan, born on 9 November 2002.[20] Her sister is actress Amrita Arora, and her brothers-in-law are Bollywood actor Salman Khan and Bollywood actor-director-producer Sohail Khan. Her father-in-law is scriptwriter Salim Khan.[2]